Industry News

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NEWS INDUSTRY NEWS MAY 29, 2007
Net sales of 529 plans reach all-time high

The Section 529 college savings plan industry is on a roll. Net sales of 529 plans rose to an all-time high of $5.2 billion during the first quarter of 2007, according to the most recent data available from Boston-based Financial Research Corp.

NEWS BROKER DEALERS MAY 29, 2007
Advisers often skirt compliance rules, survey finds

NEW YORK — Sick and tired of complying with an increasingly complex regulatory framework, many financial advisers knowingly sidestep their firms’ compliance policies and sometimes show little regard for rules and regulations, according to a new survey of advisers and other financial services professionals.

NEWS WIREHOUSES MAY 24, 2007
Merrill slashes sick days

Merrill Lynch & Co. has trimmed employees’ sick days from 40 to 10, according to an internal memo.

NEWS WIREHOUSES MAY 23, 2007
Merrill hedge fund boss branches out

Ben Weston, chief of hedge fund development at Merrill Lynch & Co. Inc., has left the company.

NEWS INDUSTRY NEWS MAY 23, 2007
Eaton Vance IPO erodes 2Q profits

Eaton Vance Corp. reported a 42% fall in profits for the<br>second quarter today.

NEWS LIFE INSURANCE AND ANNUITIES MAY 23, 2007
Aon CFO to depart

Aon Corporation announced today that chief financial officer David P. Bolger will leave the Chicago-based insurance broker after the appointment of his successor.

NEWS ETFS MAY 22, 2007
Euronext profits down, revenues up

Euronext NV today reported a 4.4% profit loss during the first quarter, due to a reclassification of the company&#8217;s stake in LCH.Clearnet.

NEWS WIREHOUSES MAY 22, 2007
JPMorgan Chase debuts ADRs

JPMorgan Chase &amp; Co. has launched 12 indexes comprising exchange-listed American Depositary Receipts and Global Depositary Receipts.

NEWS ALTERNATIVES MAY 21, 2007
Merrill buys big stake in GSO hedge fund

Merrill Lynch &amp; Co. Inc. is purchasing a 20% minority stake in a hedge fund with $8 billion in assets under management.

NEWS WIREHOUSES MAY 21, 2007
Merrill may reorganize in wake of departure

Merrill Lynch &amp; Co. Inc. plans to reshuffle the leadership structure of its markets and investment banking operations, according to a Financial Times report.

NEWS INDUSTRY NEWS MAY 21, 2007
Putnam’s CEO ‘fine’ with stepping down

Charles &#8220;Ed&#8221; Haldeman Jr. said that it&#8217;s &#8220;fine&#8221; with him if his soon-to-be bosses at Canada&#8217;s Power Financial Corp. want to replace him as chief executive of Putnam Investments.

NEWS LIFE INSURANCE AND ANNUITIES MAY 21, 2007
BofA trims costly PMI; rivals may follow suit

Other banks may follow Bank of America Corp.&#8217;s decision this month to cut mortgage clients&#8217; borrowing costs drastically, including waiving the requirement for private mortgage insurance, industry observers say.

NEWS INDUSTRY NEWS MAY 21, 2007
Advisers skeptical of changes at Putnam

Despite its pending acquisition by a unit of Power Financial Corp., Putnam Investments continues to face an uphill battle in its bid to regain the trust and confidence of financial advisers.

NEWS INDUSTRY NEWS MAY 21, 2007
Returns on distressed debt piquing investor interest

PHILADELPHIA &#8212; Distressed debt can be risky, but that hasn&#8217;t stopped investors from turning to it in search of extra yield, industry observers say.

NEWS BROKER DEALERS MAY 21, 2007
Will modeling tools be next FPA target?

Now that the Financial Planning Association&#8217;s victory over fee-based brokerage accounts is cemented, some in the securities industry are wondering whether the group will take aim at other brokerage transactions that hinge upon a registered representative giving clients advice.

NEWS INDUSTRY NEWS MAY 21, 2007
All roads (bridges, airports, etc.) lead to this asset class

State-level budget pressures are fueling an investment bonanza for those firms with the resources and wherewithal to tap into a fast-developing market of infrastructure investments.

NEWS INDUSTRY NEWS MAY 21, 2007
Orange County emerges from L.A.’s shadow

LOS ANGELES &#8212; Fueled by a flood of money from private-equity firms buying local businesses as well as a spectacular appreciation of real estate values, California&#8217;s Orange County has emerged from the shadows of neighboring Los Angeles as a wealth management powerhouse in its own right.

NEWS LIFE INSURANCE AND ANNUITIES MAY 18, 2007
BofA sued for race bias

Bank of America Corp. has been sued for race discrimination by allegedly steering wealthy clients to white co-workers.

NEWS WIREHOUSES MAY 17, 2007
Ex-Goldman chairman ‘appalled’ at pay

John C. Whitehead said he is outraged by the excessive compensation given to Wall Street top execs.

NEWS LIFE INSURANCE AND ANNUITIES MAY 17, 2007
BofA names new wealth team

Bank of America appoints Moynihan and Sevilla-Sacasa to head a wealth team that incorporates U.S. Trust Corp.